FIANCE AND COMMERCE

Press, Volume LXXIV, Issue 22592, 23 December 1938, Page 11

FIANCE AND COMMERCE

RESERVE BANK RETURN

WELLINGTON WOOL SALE FIGURES

An increase of £1,102,977 in the note issue is shown in the Reserve Bank return for the week ended December 19. The issue is now at the abnormally high total of £16,298,740. Sterling exchange has fallen by £2l 5,926 to £4,356,095 in New Zealand currency, and there has be en a substantial increase in advances. The reserve ratio is 28.109 per cent., against 30.333 per cent, a week ago.

The official returns of the Wellington wool sale give the value of the wool sold at £349,523, the average price per lb at 10.127 d, and the average price a bale at £ls 7s 2d.

Overseas trade returns for November show an excess of imports of £397,366 against an import excess in November last year of £838,000. Exports at £4,386,045 are higher and imports at £4,783,411 are lower. For the 11 months of this year, the excess of exports is £3,990,917 against. £10,744,000 last year, and £12,589,000 in 19 36.

OVERSEAS TRADE RETURNS

FIGURES FOR NOVEMBER

EXPORTS HIGHER, IMPORTS LOWER

(VBI9S 4SSOCU.TIOK dUllUj WELLINGTON, December 22. New Zealand’s overseas trade figures for November show an* excess of imports of £397,366, against an import excess lor November of last year of £838,000. For the 11 months of the year to November the excess of exports is low a z £3,990,917, and compares with £10,744,000 in the previous period. Details are as follows: > Month of November Excess of Exports. Imports. Imports. £ £ £ 1938 .. 4,386,045 4,783,411 397,366 1937 .. 4,109,000 4,947,000 838,000 1936 .. 3,821,000 4,083,000 262,000 Eleven Months to November. Excess of Exports. Imports. Exports. £ £ £ 1938 .. 54,648,012 50,658,095 3,990,917 1937 .. 62,296,000 51,552,000 10,744,000 1936 .. 52,431,000 39,842,000 12,589,000 The value of specie excluded from the above returns was;— November, 1938: Exports £11,950, imports £6OO. Eleven months to November: Exports £13,500; imports £29,917.

WELLINGTON WOOL SALE

TOTAL RETURN REACHES £349,523

BALE AVERAGE £ls/7/2

truss ASSOCIATION TXfiZCS AII.) WELLINGTON, December 22. The results of the first Wellington ■wool sale, held on December 7, compiled by the Wellington Woolbrokers’ Association, were as follows: — Offered (bales) .. 23,890 Sold (bales) .. 22.737 Net- weight of wool sold 8,283,4241b Value .. £349,523/7/Average a bale .. £ls/7/2 Average per lb. .. 10.127 d

“ATLAS OF TO DAY AND TO MORROW”

.VALUABLE REFERENCE BOOK FOB BUSINESSMAN A new conception of map-drawing, in which geographic design plays a very secondary role, is to be seen in the “Atlas of To-day and To-morrow,” recently published by Messrs Victor Gollancz, Ltd. The author, M. Alexander Rado, F.R.G.S., describes his work as “an attempt to make a cartographic inventory of the political, economic, and social problems of to-day,” but if the description is comprehensive, it is also unduly modest. Nothing comparable with this atlas has been published before, and for variety of subject and bteadth of appeal it could have few equals. To take at random a few of the subjects treated in the atlas, the Jewish problem is shown very clearly in an excellent map revealing the extent of Jewish settlement in the various quarters of the globe. The air routes of South America, forms of government, whether totalitarian, democratic, monarchical, or colonial, the distribution of wealth, of production, of buy-ing-power; religious divisions; the trade relations of the Belgian colonies—all these are comprehensively dealt with in maps with relevant and Valuable comment.

The division of the atlas falls very naturally into six sections. The first surveys the struggle for the division of the world, beginning with the state of political ownership in 1875 and progressing through a series of stages to the world of to-day, with also an interesting survey of modern tendencies and their possible effect. The second section examines the position of the Great Powers and their colonial empires, the third deals with the struggle for world markets, and the fourth, for the control of communications. In the fifth section problems of nationality, religion and race are carefully and competently surveyed, and the concluding section investigates problems created by the State in its relations with society. Throughout the atlas, there is a running commentary of factual information to supplement every map. For the businessman there could be few quicker methods of acquiring at a glance a rapid and accurate acquaintance with the commercial or economic situation in any part of the world. For the general reader the atlas provides a fascinating study of contemporary affairs and a reliable and informative background to the news of the day.

(“Atlas of To-day and To-morrow.” Alexander Rado. 200 pp. Gtollancz. 10/6 net.)

DISCOUNTS AND SHORT LOANS

LONDON INTEREST RATES

LONDON, December 21. Discount and short loan interest rates on the London market are quoted as follows:—Day to day loans, J per cent.; fine trade bills (three months), 2 i to 3 per cent.; bank bills (three hionths), 1 1-16 per cent.; bank bills (six months), 1 l-16d per cent.; Treason'’ bills (two months), 1 per cent.; Treasury bills (three months), 1 per cent

COMPANY NEWS

NEW ZEALAND LAND MORTGAGE

[THE PRESS Special Service.]

NATIONAL MUTUAL LIFE

MINING

MOONLIGHT GOLDFIELDS

ALEXANDER

Intermediate Level-f-Reef maintained a width of 18 inches for 31 feet, the bottom of reef being 15 inches above the intermediate level timbers. Reef has now faulted and another lens of quartz was discovered, which has been displaced six feet into the eastern wall. Width of reef here is unknown until further work has been done Battery—Seventy tons of ore sent to the mill for the week. MOLYNEUX The Molyneux dredge at Clyde operated for 245 hours during the two weeks ended December 17, for 490z of gold.

LONDON METALS MARKET

LONDON, December 21. Dec. 20. Dec. 21. A ton. A ton. Copper— £ s. d. £ s. d. Standard, spot 43' 14 4J 44 0 7i Forward .. 43 18 l| 44 44| Electrolytic .. 49 10 0 49 10 0 to .. 50 0 0 50 0 0 Wire bars .. 50 0 0 50 0 0 Lead—- . Spot .. 15 0 0 15 3 9 Forward .. 15 3 1J 15 6 10} Spelter— Spot .. 13 13 1J 13 18 1} Forward .. 13 15 7* 14 0 0 Tin— Spot 213 17 6 214 2 6 Forward ~ 215 2 6 215 3 9 Silver— _ Standard per oz. .. 20Jd 19 l-16d Fine, per oz. 21 11-16 d 2l|d

COMPANIES REGISTERED

Page (C, N.), Ltd. Registered as a private company December 5. Capital: £6OO in 600 shares of £1 each. Subscribers—Greymouth: .C. N. Page 300, F. E. Page 300. Objects: Builders and contractors.

GOLD AND SILVER

LONDON. December 21. •Gold is quoted at £7 9s 3d a'fine ounce. Silver is quoted at 21Jd an ounce spot and 20| forward.

BRITISH WAR LOAN

(BRITISH OFFICIAL WIRELESS.) RUGBY, December 21, War Loan, 3J per cent., is quoted at £97 7s 6d. , •

INCREASED DIVIDEND TO BE RECOMMENDED

AUCKLAND, December 22. The accounts of the New Zealand and River Plate Land Mortgage Company, Ltd., for the year ended October 31, show a net profit of £32,566, according to cabled advice received by the local attorneys. This compares with £30,450 in the previous year and £28,621 in 1936. An increased dividend of 3J per cent., less British income tax of 5s 6d in the pound, will be recommended by the directors at the annual meeting in London on January 10. This compares with 3J per cent, in the previous year. The distribution requires £26,250, and £SOOO will be transferred to reserve, leaving £25,066 to be carried forward, against £23,750 brought into the accounts.

As a result of the transactions of the National Mutual Life Association for the year ended September 30,1938, the sum of £1,583,603 was added to the assurance fund, which amounted to £44,158,325 at the close of the year. The investment fluctuation reserve fund now amounts to £1,335,000. The total income for the year was £5,801,953, which included £4,034.407 for premiums and £1,767,546 for interest (after deduction of rates and taxes). Policyholders or their representatives received £3,602,888 from the association during the year. The total assurances (excluding bonus additions) in force at the end of the year amounted to £111,027,800.

The Moonlight Goldfields Company, Ltd., report that the wash-up at the company’s claim on December 21 waS 990z for 330 hours’ sluicing.

The Alexander mine report for the week ended December 15 is:— No. 6 Drive—Advanced 30 feet, making a total of 277 feet from main crosscut. Country being penetrated is greatly disturbed and dry. Sloping carried on above No. 5 intermediate drives, north and south of rise. In north stope reef is seven feet wide, in .south stope reef is three feet wide.

Randall Creek Sawmilling Company, Ltd. Registered as a private company December 7. Office, Phoenix Chambers, Richmond quay, Greymouth. Capital: £2OOO In 2000 shares of £1 each. Subscribers— Greymouth: J. H. Hannah 400, E. Burns 400. J. H. Ord 400, A. C. Hannah 400, R. D. Green 400. Objects; Sawmilling and incidental.

Direct Supply Company. Ltd. Registered as a privte company December 6. Office, 83 Cashel street. Capital: £IOOO into 750 ordinary, 250 cum pref.. shares of £1 each. Subscribers: Robert Frahcis, Ltd., 750, I. E. I. Markby 250. Objects: Radio dealers and importers, and manufacturers of musical instruments and incidental.